August 12, 2015 - 6:30 PM
CENTRAL OKANAGAN - New house construction is climbing in the Central Okanagan, underscoring the strength in the local resale market.
"Demand for new homes has matched supply, keeping inventories of completed and unabsorbed homes in check," Canada Mortgage and Housing Corporation regional economist Carol Frketich says in a press release.
In its preliminary housing starts report, the corporation reports 730 housing starts in the first six months of 2015, an increase of 11 per cent over the same time period last year.
While single-detached starts were down 14 per cent to 326, multi-family starts were up 46 per cent from to 404 units.
According to Frketich, housing starts in the province's urban areas were trending at 31,102 units in July compared to 29,321 units in June. The trend is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts.
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News from © InfoTel News Ltd, 2015